Currency

Question 1

What is the currency in Kazakhstan?

Answer 1

The tenge.

Question 2

What is the currency in Thailand?

Answer 2

The baht.

Question 3

Eurozone

Answer 3

a.k.a. “Euroland”

Region that consists of all the European Union countries that have fully incorporated the euro as their national currency.

Question 4

EU

Answer 4

European Union

A group of European countries that participate in the world economy as one economic unit and operate under one official currency - the Euro.

The EU’s goal is to create a barrier-free trade zone and enhance economic wealth by creating more efficiency in the marketplace.

Question 5

ECB

Answer 5

European Central Bank

Central bank responsible for the monetary system of the European Union and the Euro currency. (The ECB is in charge of EU monetary policy).

Formed in Germany in 1999, it works with the other national banks of the EU member states to formulate monetary policy.

Question 6

EUR

Answer 6

Euro

Official currency of the European union’s member states.

Question 7

When was the Euro introduced?

Answer 7

1999

Question 8

Who are the European Union member states that have adopted the euro as their national currency?

Answer 8

Austria
Belgium
Finland
France
Germany
Greece
Ireland
Italy
Luxembourg
The Netherlands 
Portugal
Spain

Question 9

What is the benefit of the Euro being used for so many different countries?

Answer 9

It removes exchange rate risk from businesses and financial institutions.

Question 10

What is the drawback of so many different countries using the Euro and being in the European Union?

Answer 10

It concentrates the power to set monetary policy in the European Central Bank.

This removes the ability of the EU’s member nations to implement monetary policy specific to themselves, locking them into monetary policy established for the entire Eurozone, even though local monetary conditions may differ substantially from the overall Eurozone.